The former Argentina youth-international has managed just 23 La Liga appearances since moving to the Ramon Sanchez Pizjuan in 2008 for a fee of €7m from his boyhood club Lanus.
Acosta has been linked with a move away from Sevilla ever since Marcelino Garcia Toral took over as Coach from Gregorio Manzano, with Hector Cuper’s side appearing to have found the man to replace Giovani Dos Santos.
The Mexican spent the second-half of last season on-loan at El Sardinero from Tottenham and impressed, but since his return to the Premier League side, Racing have been on the look-out for a wide attacking midfielder.
Sevilla will receive €600,000 from Racing for the services of the diminutive Argentine and his new club will pay 80% of his wages for the year. However the Cantabrian side do not have the option to purchase the player at the end of the season with his parent club still hoping the 23-year-old can reach his original promise.
Elsewhere at Sevilla, Manuel Redondo has joined Segunda B side Sabedell on a free-transfer and David Prieto, who has represented the first team 30 times, is set to join Cordoba for free following loan-spells at Xerez and Tenerife.